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DAX30 CFD range-bound between 12,800 and 13,000 – will it break higher?

November 04, 2019 09:30


November 4 Economic Event

Source: Economic Events 04 November 2019 - Admiral Markets' Forex Calendar

After the FED cut by 25 basis points last Wednesday, along with stating that the US central bank will act in a more data-dependent way regarding future monetary policy decisions, the ISM Manufacturing PMI printed at 48.3 points for October, rising slightly from a decade-low of 47.8 points, but still missing market expectations of 48.9 points, keeping near-term recession fears in the US elevated and thus fuelling hopes of further rate cuts and liquidity injections from the FED.

The DAX30 CFD fell short of breaking 13,000 points, but since the economic calendar is quite thin today, the DAX30 CFD will mainly be driven by technical components. In this respect, the German index finds a clear advantage on the long side.

If we get to see an attack, a squeeze higher to 13,050/100 seems likely. Still, given rising fears around trade positions hardening again between the US and China, we wouldn't be too optimistic and would take long-engagements in equities only with a reduced position size.

On the downside, the focus clearly lies on the region around 12,800 points.

A break lower makes a further drop as low as 12,600 points an option, a little more conservative bearish target can already be found around 12,650/670 points.

DAX30 CFD - Hourly Chart

Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Hourly chart (between 15 October 2019 to 01 November 2019). Accessed: 01 November 2019 at 10:00 PM GMT

DAX30 CFD Daily Chart

Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Daily chart (between 26 July 2018 to 01 November 2019). Accessed: 01 November 2019 at 10:00 PM GMT

Please note: Past performance is not a reliable indicator of future results, or future performance.

In 2014, the value of the DAX30 CFD increased by 2.65%, in 2015, it increased by 9.56%, in 2016 it increased by 6.87%, in 2017 it increased by 12.51%, in 2018 it fell by 18.26%, meaning that after five years, it was up by 10.5%.

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